Idaho news. (Blackfoot, Idaho) 1887-1891, 1887-06-25
THE WHEAT PANIC.
Ht Proved So be the Most Exciting one
Ever Witnessed ga Chlca@o.


ChienRo speeiur This has proved TO DC
day Of intense excitement on change,
Everybody is In state OF confusion and
| the labor Of extrieatement will take tins
and patience, and will necessarily be ae'
eompanied by some embarrassment ana
loss At this writing the wheels Of trade
| are practically blocked. A general tie'up
| il tile result Of most extraordinary pro-
| eeeding on the part OF Rosenield 4 Co, the
cliane house whose collapse occurred yes
ter,lay. Ii was formally stated this morn
ing that the clique had placed on deposit
In the American Exchange bank to the
credit Of C. J. kershaw 4 Co., $500 600 TO
protect trades with that house dOWn TO
point considerably below the market
This announcement, which Was made by
authority. caused feeling 81 relief her'
shaw ( Co, owed tho clearing house IN the
neighbBrhoOd OF $3.50, 600. The $500, 600
deposited Was therefore ample 10 cover
any contingency that was likely 20 arise,
and the trade breathed Tree, kershaW
checked against the deposit ana the
market firmed up. June wheat adj
yaneed TO Use and July 20 I8ae,
About 1890 a. M. rumnrs Of new
trouble affecting keTshaw we're circulated
and tile market dropped 3tg4c. What the
trouble WAS nobody seemed t. know, The
general feeling took form in the question;
rs the money really herei The money
was here all right enough, but RoaenIeid Y
Co had tied ii mp with garnlshee. 10
general terms they set mp the claim that
the $500, 900 ia a clique money and that
the creditors are entitled To- shon At II
as much as those who have trades With
keFzhAW uF any other clique house. Ffi'
yatsiy they set up the additional plea that
they we're 'bunkoed' by the manipulatats
and purpnscly lyit to hold tho lag.
The statement IL made that the clique
drew dawn profits on trade With kosenisld
& Co. aud saldled the firm With great
mass Of high priced Whsat Is represented 20
have been inadeqnately protected. The
fact that q. j. KpFshaw & Co had
not guus through the clearing house
was known at 10 O'Clock, hat the
cause ~ their failure WIS not commonly
understood Tor quite time. The mere
announcement Of tie bald iaets paralyErd
brain aud tongue. Tie market ten beloH
zoe, hut there vas very little business
Nobody knew Whrrs he stood Of how his
n+ighbUF stood The whole s.tuatiNm Was
gloomy In the extreme Among this sus'
pensions amounted vete several strong
houses though as a rule the list embraced
the nantes ~ firms whose capital vas
known 10 DO small Nearly every house on |
the hong had trades With kershap, |
and a great deal, ~ e0uFss, dBpsnd' |
ed ON his sOlvsnry. Whsn II sAa |
known that hs had gOHs down, nothing -
MANNED for many but 10 iuld their hands |
aud await further Developments THIS 10
shat they proceeded 10 do. by I o'clock /
everybody learned What VAS the matter.
The wheat pit vas hIied with traders i've |
minutes before tho hauds Oi the big clock /
told thu bonr ~ trading To begin tha /
morning. Unusual order prevailed though /
every body SEEMED ~ b. holding bis brearh /
and waiting Tor the final tics, ready 10 do /
what hs had 10 do OH tho Instant. MDre than /
hall had their coats IN, as Though they /
realized iuliy that there vas likely 10 10 /
warm work ahead. The galleries srFe /
packet, tito tWn front rusa u seats being /
occupied by ladies. NJ tan rows " boys /
al circus ever looked more thoroughly /
expectRnt ~ entertainment than these |
two rows u bright faces, shaded ~ bright /
ribbons and dainty summer hats. Thsir |
carriages bad blocked tbs street To- isDBt |
81 the board Tor hAli an hour isrl5rr trad.
Ing began. They kuew that theirs unnid |
be big excitement vixen the board opened |
and they wanted 20 SEQ H. There may
have bssu among them too, some anxious
wives whn wanted 20 b. near thSiF husbands
Ia this hour NJ peril. Hut IL thsrv sore Any
such they did not show II. Back u thsm
n row 81 escorts wsrs pointing Que prDml
nsnt brokers, aud explaining how trading
was don" md how prices Werr Indicated ~
thras dtnls on the south all near the iand
Ing ~ the private gallery. Tho publis sat
lary wgs ihmmst! RA fall ~ Il could hold
many ~ il occupants looking ~ Though
they might have teen spectators IN their
time, but probably never would to- Hgulu
The instant tho long hand 81 tho clock |
marked tho hall hour bStHrru D ard 10 |
syrry hand IN tbs vhsht ptt SEEMED 80 - |
raised NJ once anil thrust forward. the |
palm outward, the motion indicating that |
the owner wanted 20 srli. hal i great roar |
sWsled np through tia hall. romuiatcIy |
drowning the cries ~ The messenger BOYS |
~ hey nudgrtl their way about ths hall /
cnlliuR the nRnes ~ brokers fur Wh1m thew /
had kilograms FROM tho gallery tikp /
thropg looked like nothing 80 much ~ a |
swarm 81 bees on busy day Thdas on |
tho outer edge pressed forward on those IN /
the middle 80 itupstuuualY that they Nth |
difficulty prevented Themselves from brinr /
borne down by the crush. Nov and asaiu
soma one hall way NJ tho side pressed Tor |
ward too impetuuusly 10 his anxiety 10
buy or sell, and thD~l In front caught him
hustled him across 10 tho other side. or In
some other direction without too much |
consideration for his wearing apparel. |
SomstitueS dozen would 30 trying ~ |
trade with nnp. and ia their mad enter.
PRISE ssomsd bent rather on tearing him 10 |
piecca.
The rush had lasted scarcely halt min.
ute when the Ravsl Of Secretary Stpns liz. |
gun 10 he heard from tho gallery, and the |
Wild uprnnr changed TO an upFonr "a |
another Kind but equally vigorous. which. |
ludictonHly enough, was demand that Ill |
we other uprnnr should cease 80 TINT what
Tho secretary had 10 say could he heard /
" took iuily a minute % got ~ quiet, and /
then tie announcement ~ the failure III ono /
Or two small firms wRs made. Thts wins /
followed ny the announcement that ksr. /
shaw q 90. would pny their differences and /
margin all tradps down 90 Tic. This wHa /
greeted with Wild yell from the pit, aud 4 |
rather stout, welkdreAsed lady near the /
aectetary'a right rose IN har seat and /
whiyed her handkerchief enthusiastically. |
B1iore tho HecrctRry's voice had ceaaad io |
resonnd through the hall the hubbub Of /
trading began again.